If you have been trading, staking, or earning crypto on YoBit, you must also calculate your taxes for all transactions. Coinpanda makes calculating crypto tax for YoBit quick and easy by following these steps:
Create a free account and connect YoBit to Coinpanda safely and securely
Next, Coinpanda will import all your trades, deposits, withdrawals, and rewards from YoBit
Wait for Coinpanda to automatically calculate capital gains and income for your YoBit transactions
Download your YoBit tax report
File your YoBit taxes before the deadline
To calculate your taxes accurately, you must import all transactions from YoBit to Coinpanda. Coinpanda supports the following transactions from YoBit today:
CSV file upload
How to connect YoBit with API
We are only requesting view permissions. This does not give us access to your private keys or the ability to move your funds.
Follow these steps to add your YoBit account to Coinpanda with API:
Log in to your YoBit account
Create API keys from the API page
Copy the API Key and Secret Key to Coinpanda
YoBit API is currently in beta. Please contact us in the Live Chat if you have questions about this API integration. Note that beta integrations might not always sync properly.
How to connect YoBit with CSV
Follow these steps to export your transactions from YoBit:
Log in to your account on YoBit
Look for a page or button on YoBit to export a CSV file containing your transaction data
Remember to export files for all your transactions:
Upload the CSV file(s) to Coinpanda
How are YoBit transactions taxed?
The exact tax implications on YoBit transactions depend on which country you live in and the type of transactions you have made. In general, you must pay either capital gains tax or income tax on your cryptocurrency transactions on YoBit.
Capital gains tax: Whenever you sell a cryptocurrency for more than you purchased it for, you generate a capital gain. On the other hand, if you sell the cryptocurrency for less than you paid initially, you have a capital loss, which can offset other gains in most cases.
Income tax: Earned cryptocurrency on YoBit, such as staking, interest, bonuses, and referral rewards, is typically seen as taxable income from a tax perspective and must be reported in your tax return.
To learn more about how YoBit transactions are taxed in your country, we recommend reading our in-depth guides to cryptocurrency taxes.
How do I file my YoBit taxes?
First, you must calculate capital gains and income from all taxable transactions on YoBit. When you have this information ready, you can report capital gains and income together with other forms of income such as employment and dividends in your annual tax return.
To calculate your capital gains, you must first export a complete history of all transactions made on YoBit. Once you have this data, you can calculate your capital gains or losses by determining the price at which you bought the cryptocurrency (your cost basis) and the price at which you sold it (your proceeds). Luckily, Coinpanda can help you with this and generate ready-to-file tax forms quickly and easily.
After downloading your YoBit tax statements from Coinpanda, the last step is to report the capital gains and income on your tax return before the deadline. Most countries allow you to self-declare taxes online in 2023, but you can also get help from a professional tax accountant to file taxes for you.
How do I troubleshoot the imported YoBit transactions to Coinpanda?
While we strive every day to ensure the highest possible accuracy for importing transactions from YoBit to Coinpanda, it can happen that either not all transactions are imported or that some data is imported incorrectly. Some reasons for this can be:
Changes in the YoBit API
Updated CSV file format
YoBit does not provide a complete record of all transactions
To get the best help from Coinpanda support, you must first identify which transactions are missing or incorrectly imported. To do this, we recommend comparing your transaction history on YoBit with the transactions imported into your Coinpanda account. See also our help article with an overview of known exchange API limitations.
The quickest way to get help from our dedicated support team is to send a message in the Live Chat.
No, YoBit does not provide complete and ready-to-file tax documents. This is because YoBit does not have knowledge of your transactions on other exchanges, platforms, or from your self-custody wallets.
How do I get YoBit tax documents?
The easiest way to get tax documents and reports is to connect your YoBit account with Coinpanda which will automatically import your transactions. After that, you can download complete tax reports for YoBit.
Does YoBit provide financial or end-of-year statements?
No, YoBit does not provide a complete financial or end-of-year statement for your crypto transactions. However, you can get this using a crypto tax calculator.
Do I have to pay taxes on YoBit?
Yes, all transactions on YoBit involving the disposal of a crypto asset are in most cases taxable. You must also pay income tax on earned crypto such as staking, interest, or referral rewards.
Is transferring to YoBit taxable?
No, transferring cryptocurrency to YoBit is not taxed as long as you transfer between your personal wallets or exchange accounts.
How do I avoid paying taxes on YoBit?
It is impossible to avoid paying taxes completely on YoBit legally if you live in a country that taxes cryptocurrency. However, there are several ways you can reduce your taxes, such as tax loss harvesting.
Can YoBit calculate my taxes?
YoBit cannot calculate your taxes since it does not have knowledge of your transactions made on other exchanges or platforms. However, if you have only interacted with crypto on YoBit your entire life, it could technically do so.
Is YoBit safe?
YoBit is generally considered to be a safe exchange. Although YoBit follows industry best practices for safety and to prevent malicious attacks, there is always a risk associated with keeping your crypto on centralized third-party exchanges including YoBit.